Visa has recently announced a strategic partnership with Hyperface, Asia’s pioneering Credit Cards-as-a-Service (CCaaS) platform. This collaboration aims to streamline the digital issuance of Visa credit cards to mid-sized and large businesses, contributing to the expansion of co-branded credit cards within the Indian market.
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As of the end of 2023, India’s credit card segment is poised to encompass 100 million users. Nevertheless, more than half of India’s credit-eligible adults lack access to formal credit, resulting in roughly 160 million underserved consumers. Through this partnership, Visa aims to diversify its portfolio of digital-first solutions, empowering banks and merchants to provide comprehensive and robust credit solutions within its network.
Furthermore, merchants will gain the ability to swiftly introduce co-branded credit cards, bolstering customer loyalty through Hyperface’s array of products and partnerships.
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Sujai Raina, Vice President and Head of Business Development at Visa India, expressed excitement about the collaboration, emphasizing, “We are delighted to partner with Hyperface to offer an advanced platform for our issuing clients, allowing them to launch configurable credit card programs with built-in customization of benefits and hyper-personalization capabilities.
In a country witnessing a growing appetite for credit and novel experiences, we are confident that this partnership will play a pivotal role in expanding access to credit and driving credit card adoption across various segments.”
Ramanathan RV, Co-Founder & CEO of Hyperface, conveyed his enthusiasm for partnering with Visa, underscoring Hyperface’s mission to revolutionize the digital credit card experience.
He highlighted Visa’s global leadership and its unwavering commitment to technology, envisioning the partnership as a robust foundation for developing innovative and potent products tailored to Visa’s bank and co-brand partners.
As a network of networks, Visa is steadfast in constructing a secure, efficient, and seamless transaction ecosystem for both consumers and businesses. The amalgamation of product offerings and solutions resulting from this partnership is poised to deliver numerous advantages to consumers, including an enriched end-user experience, a user-friendly onboarding process, and streamlined card lifecycle management when accessing credit from partner banks.
